Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Salesforce is still being framed by much of the market as a company fighting off an AI-driven “SaaS apocalypse,” but that reading misses the more immediate issue emerging inside the model itself.</li><li>The bigger risk is not that artificial intelligence makes Salesforce irrelevant.</li><li>It is that artificial intelligence changes how enterprise software creates and captures value.</li></ul>

Salesforce is still being framed by much of the market as a company fighting off an AI-driven “SaaS apocalypse,” but that reading misses the more immediate issue emerging inside the model itself.The bigger risk is not that artificial intelligence makes Salesforce irrelevant.It is that artificial intelligence changes how enterprise software creates and captures value.

CRM US - Salesforce Just Changed The Rules Of SaaS—But Marc Benioff May Have Created A New Problem!

<ul><li>Salesforce's recent quarterly results reflect a complex picture of their performance and strategy in the fast-evolving cloud software landscape.</li><li>The company reported significant revenue growth, with a year-over-year increase of 10% for the full fiscal year 2026, totaling $41.5 billion.</li><li>The fourth-quarter revenue also saw an impressive 12% year-over-year rise, reaching $11.2 billion.</li></ul>

Salesforce's recent quarterly results reflect a complex picture of their performance and strategy in the fast-evolving cloud software landscape.The company reported significant revenue growth, with a year-over-year increase of 10% for the full fiscal year 2026, totaling $41.5 billion.The fourth-quarter revenue also saw an impressive 12% year-over-year rise, reaching $11.2 billion.

Salesforce.Com Inc - Salesforce: Hyperforce

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.</li>
<li>China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.</li>
<li>Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.</li>
</ul>


We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.


This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Salesforce reported 4QFY26 results: total revenue was up by 12% YoY to US$11.2bn, and non-GAAP operating income grew by 16% YoY to US$3.8bn, both in line with Bloomberg consensus estimates.</li><li>4QFY26 cRPO grew by 13% YoY in constant currency (CC) to US$35.1bn, including 4ppts Informatica contribution, also largely in line with the company guidance.</li><li>Strong momentum of AgentForce and Data 360 was partially offset by the softness in marketing, commerce, and Tableau businesses. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Salesforce reported 4QFY26 results: total revenue was up by 12% YoY to US$11.2bn, and non-GAAP operating income grew by 16% YoY to US$3.8bn, both in line with Bloomberg consensus estimates.4QFY26 cRPO grew by 13% YoY in constant currency (CC) to US$35.1bn, including 4ppts Informatica contribution, also largely in line with the company guidance.Strong momentum of AgentForce and Data 360 was partially offset by the softness in marketing, commerce, and Tableau businesses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Salesforce (CRM US) -  Strong AgentForce Momentum to Support 2HFY27 Reacceleration

<ul><li>It has been a busy stretch for Salesforce.</li><li>Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while sharpening its data foundation through Informatica.</li><li>Revenue hit $10.26 billion in Q3, operating margins expanded, and Agentforce ARR surged more than 300% year over year.</li></ul>

It has been a busy stretch for Salesforce.Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while sharpening its data foundation through Informatica.Revenue hit $10.26 billion in Q3, operating margins expanded, and Agentforce ARR surged more than 300% year over year.

Salesforce.Com Inc - Salesforce Just Expanded Agentforce — But Control Is The Story!

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

CRM US - Salesforce Just Changed The Rules Of SaaS—But Marc Benioff May Have Created A New Problem!

Salesforce is still being framed by much of the market as a company fighting off an AI-driven “SaaS apocalypse,” but that reading misses the more...

Baptista Research

Salesforce.Com Inc - Salesforce: Hyperforce

Salesforce's recent quarterly results reflect a complex picture of their performance and strategy in the fast-evolving cloud software...

Baptista Research

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

Salesforce (CRM US) - Strong AgentForce Momentum to Support 2HFY27 Reacceleration

Salesforce reported 4QFY26 results: total revenue was up by 12% YoY to US$11.2bn, and non-GAAP operating income grew by 16% YoY to US$3.8bn, both...

CMB International

Salesforce.Com Inc - Salesforce Just Expanded Agentforce — But Control Is The Story!

It has been a busy stretch for Salesforce. Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while...

Baptista Research

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